Last Updated on November 5, 2022 by admin
Why Transparency Matters
When it comes to something as important as health insurance, trust is essential. Policyholders need to be able to trust that their insurer will be there for them when they need them most. One way to build that trust is by being transparent in the claims settlement process.
By being upfront about how claims will be processed and what documentation will be required, insurers can give policyholders the peace of mind that their claim will be handled quickly and efficiently. In addition, transparency can help to avoid misunderstandings down the road.
For example, let’s say a policyholder files a claim for a covered procedure but is later denied benefits because the insurer says the procedure was not medically necessary. If the insurer had been upfront about its definition of medically necessary before the procedure was performed, the policyholder would have known that their claim might not be covered. As a result, they could have made a different decision about whether or not to go ahead with the procedure.
The bottom line is that transparency is good for business. When policyholders know what to expect from their insurer, they are more likely to remain loyal customers. And that’s something that any good business should want.